Gadget Insurance Market Report 2024

This Gadget Insurance market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The gadget insurance market size has increased by grown rapidly in recent years. It will grow from $58.87 billion in 2023 to $65.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth during the historic period can be attributed to rising awareness of gadget insurance, increased demand for customized coverage, higher adoption of high-end gadgets, greater ownership of electronic devices, and growing awareness of the need for gadget protection.

The gadget insurance market size is expected to see rapid growth in the next few years. It will grow to $104.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to a rise in accidental damage incidents, increased penetration of smartphones and tablets, growing sales of mobile phones and wearables, higher repair and replacement costs, increased use of the internet and e-commerce platforms, and rising demand for electronic devices. Key trends expected during this period include innovative multi-gadget insurance services, integration of blockchain technologies, advancements in technology, incorporation of IoT telematics, and the development of a diverse range of electronic gadgets.

The increasing demand for electronic devices is expected to drive the growth of the gadget insurance market. This surge in demand is fueled by ongoing technological advancements, such as faster processors, improved connectivity, and new features. Additionally, the growing consumer preference for smart, portable devices and the rise in digital content consumption contribute to the need for advanced electronics for streaming, gaming, and multimedia purposes. Gadget insurance mitigates the financial risks associated with device damage or loss, encouraging consumers to invest in expensive electronics without worrying about significant financial setbacks. For example, in October 2023, the Shanghai Municipal People's Government reported that China's total retail sales of consumer electronics are projected to rise by 4 percent to 2.2 trillion yuan (US$305 billion) this year, with growth expected to increase to 5% in 2024. Hence, the growing demand for electronic devices is driving the expansion of the gadget insurance market.

Key players in the gadget insurance market are focusing on strategic partnerships to extend their reach and enhance their service offerings. A strategic partnership involves collaboration between organizations to combine resources, expertise, and efforts to achieve mutual goals. For instance, in July 2024, Gamp, a Nigerian technology provider specializing in device insurance, formed a strategic partnership with AXA Mansard, a Nigerian gadget insurance provider. This alliance aims to simplify the process of obtaining device insurance and make it more accessible through SLOT's extensive retail network. The insurance policies offered under this partnership feature low excess fees and flexible pay-as-you-go plans, allowing customers to select coverage that suits their needs without long-term commitments. The initiative will initially roll out at SLOT outlets and will later expand to other technology retail stores across the country, with insurance options starting at a minimal fee of N2500.

In March 2024, Open Insurance Technologies Pty Ltd., an Australian insurance company, acquired SO-SURE for an undisclosed amount. This acquisition is intended to enhance Open Insurance’s presence in the UK market, expand its mobile and contents insurance offerings, and improve its embedded insurance capabilities to foster growth and enhance customer experiences. SO-SURE, a UK-based insurtech firm, specializes in mobile phone and accessory insurance.

Major companies operating in the gadget insurance market are Apple Inc, Samsung Electronics Co Ltd, Allianz SE, AT& T Inc., AXA Group, Progressive Casualty Insurance Company, Chubb Limited, Nationwide Building Society, Assurant Inc, Asurion LLC, Geek Squad, Admiral Group PLC, Adrian Flux, SquareTrade Inc, Endsleigh, Lemonade Inc, Trustpilot, Bolttech Mannings Inc, OneAssist Consumer Solutions Pvt Ltd, Worth Ave Group, Acumen Insurance Services Ltd, i-Digital Insurance, Switchd, Tinhat Insurance Services Ltd.

North America was the largest region in the gadget insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gadget insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the gadget insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Gadget insurance is a policy designed to protect electronic devices such as smartphones, tablets, and laptops from risks including theft, accidental damage, and loss. It provides peace of mind by covering repair or replacement costs and often offers customizable options to meet different device types and user needs.

The main types of coverage under gadget insurance include physical damage, internal component failure, theft and loss protection, virus and data protection, and others. Physical damage coverage addresses the financial impact of damage to devices caused by accidents, theft, natural disasters, and other covered events. This coverage applies to a range of devices, including laptops, mobile phones, tablets, home entertainment systems, cameras, and more. Gadget insurance is available through retail and online channels and serves both business and individual users.

The gadget insurance market research report is one of a series of new reports that provides gadget insurance market statistics, including gadget insurance industry global market size, regional shares, competitors with a gadget insurance market share, detailed gadget insurance market segments, market trends and opportunities, and any further data you may need to thrive in the gadget insurance industry. This gadget insurance market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The gadget insurance market includes revenues earned by entities by providing services such as accidental damage coverage, theft coverage, cracked screen repair, accessory coverage, and fast replacement or repair. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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